Ryerson Tull Completes Financing; Generates a Profit in the First Quarter Of 2001

Apr 04, 2001, 01:00 ET from Ryerson Tull, Inc.

    CHICAGO, April 4 /PRNewswire/ -- Ryerson Tull, Inc. (NYSE:   RT) today
 announced that it has completed two securitized financings.  The company also
 stated it was profitable in the first quarter of 2001.
     On March 29, 2001, Ryerson Tull completed a $250 million trade receivables
 securitization facility.  The proceeds will be used to retire its $142 million
 of 8.5% notes due in July 2001 and for working capital needs and general
 corporate purposes.  In February 2001, the company closed its $150 million
 amended revolving credit facility, securitized by inventory.  After drawing
 down the receivables securitization, the company had net debt outstanding of
 approximately $270 million, yielding a net debt-to-capital ratio of less than
 30 percent.
     "With our strong balance sheet and liquid asset base, we were able to
 complete the debt financing at attractive terms," said Neil S. Novich,
 Chairman, President, and CEO of Ryerson Tull.
     Ryerson Tull also announced that it generated a modest profit in the first
 quarter of 2001.  "While business conditions continued to deteriorate during
 the quarter, we realized the full benefit of the corporate reorganization and
 other programs implemented in 2000, enabling us to post a profit for the
 quarter," concluded Novich.
     Ryerson Tull will release first-quarter earnings on Monday, April 16,
 2001, after the close of the market and will conduct a conference call to
 discuss results on Tuesday, April 17, 2001, at 9:00 a.m. Eastern time.  The
 call will be simulcast on the company's Web site at www.ryersontull.com .
     Ryerson Tull, Inc. is North America's leading distributor and processor of
 metals, with annual revenues of $2.9 billion.  The company has a network of
 service centers across the United States and in Canada and Mexico.
 
 

SOURCE Ryerson Tull, Inc.
    CHICAGO, April 4 /PRNewswire/ -- Ryerson Tull, Inc. (NYSE:   RT) today
 announced that it has completed two securitized financings.  The company also
 stated it was profitable in the first quarter of 2001.
     On March 29, 2001, Ryerson Tull completed a $250 million trade receivables
 securitization facility.  The proceeds will be used to retire its $142 million
 of 8.5% notes due in July 2001 and for working capital needs and general
 corporate purposes.  In February 2001, the company closed its $150 million
 amended revolving credit facility, securitized by inventory.  After drawing
 down the receivables securitization, the company had net debt outstanding of
 approximately $270 million, yielding a net debt-to-capital ratio of less than
 30 percent.
     "With our strong balance sheet and liquid asset base, we were able to
 complete the debt financing at attractive terms," said Neil S. Novich,
 Chairman, President, and CEO of Ryerson Tull.
     Ryerson Tull also announced that it generated a modest profit in the first
 quarter of 2001.  "While business conditions continued to deteriorate during
 the quarter, we realized the full benefit of the corporate reorganization and
 other programs implemented in 2000, enabling us to post a profit for the
 quarter," concluded Novich.
     Ryerson Tull will release first-quarter earnings on Monday, April 16,
 2001, after the close of the market and will conduct a conference call to
 discuss results on Tuesday, April 17, 2001, at 9:00 a.m. Eastern time.  The
 call will be simulcast on the company's Web site at www.ryersontull.com .
     Ryerson Tull, Inc. is North America's leading distributor and processor of
 metals, with annual revenues of $2.9 billion.  The company has a network of
 service centers across the United States and in Canada and Mexico.
 
 SOURCE  Ryerson Tull, Inc.